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Extension the time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme

SB Order No. 19/2020

F. No. 113-02/2019-SB
Govt. of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi-110001
Dated: 26.05.2020

To,

All Head of Circles/Regions

Subject : Regarding extending the prescribed time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme (SCSS).

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Madam/Sir,

The undersigned is directed to inform that vide O.M. No. 3/3/2019-NS (Pt.1) dated 21.05.2020, the MoF (DEA) has decided to relax some regulatory provisions to safeguard the interest of Small Savings Depositors in view of the lockdown in the country due to COVID-19 pandemic.

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2. Accordingly the following relaxation guidelines in reference to Sr. Citizen Savings Scheme (SCSS) are issued with immediate effect regarding –

a. Individual retired (within the age bracket 55-60 years) on Superannuation or otherwise and got retirement benefits in February-2020, March-2020 and April-2020 are eligible to open SCSS account up to 30th June, 2020.

b. Personnel from Defence Services retired and got retirement benefits in February-2020, March-2020 and April-2020 are also eligible to open SCSS account up to 30% June, 2020 under the prescribed eligibility conditions applicable to them.

3. It is requested to circulate it to all concerned for information and necessary action. The same may also be placed on the notice boards of the Post Offices in public area.

4. This issues with the approval of Competent Authority.

Yours Faithfully,

( Devendra Sharma )
Assistant Director (SB)

Signed Copy

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2 COMMENTS

  1. It is further saidBoth Srs r spouses to each other they nominated their only son to each of their deposits. Now clarify quoting the Section:s and Rule/s there under how it I He deposit deposit amounts and tax saving amounts r disposed when one and or both die before mature date.
    GopalSwamy Honnavalli

  2. Please clarify: Two Sr invest in SCSS each as first named and each max of Rs 15 lakhs and out of that 2 lakhs as tax saving deposit which cannot be immaturely encashed and has to be so kept for 5 yrs. ln mean time one dies, now this tax saving cannot be transferred to the other as that person already holds savings of ceiling of 15 lakes and tax saving deposit cannot be in the name of the dead s such how this amount of tax saving is felt with the remains 13 lakhs cash goes to the 2nd named without penalty%..
    Now clarify how the tax saving amount stands.
    Gopalaswamy Honnavalli

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